Knight Frank’s latest Global Property Price Index reveals that house prices across the world are rising at their highest level in three years.
According to the results of the recently released index, global property prices increased by 6.6 per cent in the first quarter of this year, the highest rise recorded since the second quarter of 2010.
Hong Kong property prices led the way, increasing by 28 per cent compared to a year earlier – in spite of market cooling measures introduce by the state’s government. Mainland China had the second fastest rising prices (23.8 per cent), followed by Dubai (21.1 per cent), Colombia (16.6 per cent) and Brazil (12.2 per cent).
The largest annual price losses were recorded in Greece (-11.8 per cent), followed by Hungary (-9 per cent), Netherlands (-8.3 per cent), Spain (-7.9 per cent and Portugal (-6.9 per cent).
On a quarterly basis, the highest price rises in the first three months of this year were seen in mainland China (10.7 per cent), while the biggest loss was seen in Portugal (-3.7 per cent).
“Thirty five of the 55 housing markets tracked by Knight Frank’s Global House Price Index recorded an increase in mainstream property prices in the year to March,” explained Kate Everett-Allen, Head of International Residential Research at Knight Frank.”The index now stands 14.7 per cent above its recessional low in the first quarter of 2009.”
What’s more, Everett-Allen pointed out that: “Property prices in all world regions, except Europe, increased in the year to March with the Middle East performing best, rising by 10.6 per cent on average.”